Monolithic Power Systems Announces Record Second Quarter & First Half 2008 Results
Monolithic Power Systems (MPS) announced financial results for the three and six months ended June 30, 2008.
Net revenues were $41.5 million, up 34.6% from $30.8 million in the second quarter of 2007 and up 17.2% sequentially from $35.4 million in the first quarter of 2008. Gross margin was 63.0%, compared to 63.5% in the second quarter of 2007 and 63.2% in the first quarter of 2008. GAAP operating expenses were $21.8 million, including $17.5 million for research and development and selling, general and administrative expenses, which includes $3.2 million for stock-based compensation, and $4.3 million for patent litigation expenses. Non-GAAP operating expenses were $18.6 million, excluding $3.2 million for stock-based compensation. GAAP net income was $4.6 million, with GAAP EPS of $0.13 per diluted share. Non-GAAP net income was $7.1 million, or $0.20 per diluted share, excluding stock-based compensation and related tax effects.
The results for the six months ended June 30, 2008 are as follows: net revenues were $76.9 million, compared to $55.3 million for the six months ended June 30, 2007, an increase of 39.0%. Gross margin was 63.0%, compared to 63.5% for the six months ended June 30, 2007. GAAP operating expenses were $38.8 million, including $33.8 million for research and development and selling, general and administrative expenses, which includes $6.0 million for stock-based compensation and $5.0 million for patent litigation expenses. Non-GAAP operating expenses were $32.9 million, excluding $6.0 million for stock-based compensation. GAAP net income was $10.5 million, with GAAP EPS of $0.29 per diluted share. Non-GAAP net income was $14.7 million, or $0.41 per diluted share, excluding stock-based compensation and related tax effects.
"MPS set an all-time record for revenue in the second quarter," said Michael Hsing, Chief Executive Officer and founder of MPS, "and we are pleased with the continued success of the execution of our strategies."
